§ 641. — 641. (Added by Stats. 2011, Ch. 243, Sec. 2.)

California § 641.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 1.: DIVISION 1. FINANCIAL INSTITUTIONS
• Ch. 7.: CHAPTER 7. Liquidation and Conservation
• Art. 3.: ARTICLE 3. Conservatorship of an Uninsured Licensee

Text

A conservator appointed in accordance with Section 640 has all of the powers and rights with relation to the business and the property of the licensee for which he or she is appointed conservator as are possessed by the commissioner under this article with relation to a licensee of which the commissioner has taken possession, and the conservator is subject to the same obligations as are imposed upon the commissioner under this article. During the time that the conservator remains in
possession of the licensee the rights of the licensee, and of all persons with respect thereto, subject to the other provisions of this article, are the same as if the commissioner had taken possession of the property and business of the licensee for the purposes of liquidation. All expenses of the conservatorship shall be paid out of the assets of the licensee and shall be a lien thereon which shall be prior to any other lien. The conservator shall receive a salary in an amount no greater than that which would be paid by the commissioner to a special deputy in charge of the liquidation of a licensee.

Legislative History

Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.